Luxembourg minister warns on new ECB chief delay

He told Italy's La Stampa daily that Bundesbank President Axel Weber had been a good candidate to be ECB president before he dropped out last week. Bank of Italy Governor Mario Draghi was impressive and intelligent, he said in an interview.

"There is a need to decide as soon as possible. Trichet leaves in October. A delay risks generating instability," Frieden said.

Draghi's time in the private sector with the Goldman Sachs Group Inc is not a problem and having worked in the private sector can be a big advantage, he said.

Draghi can have a chance of becoming ECB president if he is a candidate, Frieden said.

"I have known Draghi for some time. I have always found him impressive and intelligent ... Don't ask me, however, now, if I will vote for him. First I have to evaluate the other names as well," he said.

EU leaders are expected to select a new ECB president around the middle of the year. Draghi is among front-runners for the job.

Frieden also told the newspaper that work on new euro zone fiscal governance rules was going too slowly. Once there is political consensus the details can be completed by experts in two or three days, he said.